Amit Daryanani, an analyst with RBC Capital Markets, looked at Apple's 10-K and saw multiple tailwinds that could drive double-digit EPS growth in the next two years:

The average selling price for the iPhone X, which can range from $999 to 1,149, should give the Silicon Valley company's profits a boost.

Gross margins should benefit from Apple's service business, which Daryanani sees as growing at a faster-than-expected rate, and a better mix of its other higher-margin businesses.

Lastly, Daryanani cites potential tax reform as a tailwind for the company. The tech giant derives about 62% of its revenues overseas, and has reportedly used tax havens to avoid paying taxes to the US. Lawmakers' plans to reduce the corporate tax rate and encourage repatriation of those foreign profits could fall in Apple's favor.

Apple has floated around a $900 billion market cap since its earnings report. Wall Street has been bullish, keeping a careful eye on its success in its penetration into emerging markets and its enterprise, or business, markets.

"We believe AAPL's current stock price creates an attractive entry point for investors to benefit from its ability to generate revenue and EPS growth in FY18," Daryanani wrote in a note.